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CONSTRUCTION NEWS

Nakheel's nine month net profit hits $1.05bn

Nov 14, 2018 1:21 PM

Leading UAE master developer Nakheel has registered a net profit of Dh3.86 billion ( 1.05 billion) for the first nine months compared to the last year s figures of Dh4 billion ( 1.08 billion). Announcing...

Leading UAE master developer Nakheel has registered a net profit of Dh3.86 billion ($1.05 billion) for the first nine months compared to the last year's figures of Dh4 billion ($1.08 billion).

Announcing the results, Nakheel said its year-to-date property handovers rose to 588 units.

While residential development remains its core business, the focus on expanding its hospitality, retail and leasing divisions continues, it stated.

Annual revenue from these sectors is now Dh2.6 billion – almost 40 per cent of the total – and continues to grow as new projects are delivered, said a statement from the Dubai developer.

Last month, Nakheel had announced two new residential projects - Dragon Towers and Jumeirah Park Homes - for sale, adding a significant number of units to its development pipeline, which will be reflected in future profit figures as the projects are delivered.

The Dh713 million Dragon Towers broke ground last month and is due for completion in 2021, while construction of 147 four-bedroom homes with private pools at the high-end Jumeirah Park community is due to begin early next year, it stated.

So far this year, Nakheel has announced contracts worth Dh7 billion for a diverse range of infrastructure, residential, retail and hospitality projects, including Deira Mall, Nad Al Sheba Mall, the main bridge connecting Deira Islands and mainland Dubai, the RIU and Centara joint venture resorts at Deira Islands, Palm360, and the newly launched Dragon Towers.-TradeArabia News Service